The founder of the US cryptocurrency trading platform Gemini, the Wenkleworth brothers, is considering entering the UK market.
Over the years, the European crypto exchange market has lagged behind the US, Japan and South Korea in terms of infrastructure, regulation, security and liquidity.
According to the Financial Times, the exchange operator has hired a consultant to consult about the process of entering the UK market and quickly obtaining the Electronic Financial Conduct Authority (FCA) e-money license.
Gemini says:
“Gemini continues to explore potential jurisdictions around the world to provide first-class digital asset exchange and hosting services that will increase the impact and infrastructure of the entire digital asset community. Although we do not have immediate plans to enter the UK market, We will always evaluate opportunities for the global economy to purchase, sell and store digital assets in a regulated, secure and compliant manner.”
A big plus for Europe
Since 2014, Gemini has won the trust of investors in the United States and has established a good reputation in full compliance with state and federal regulations. The exchange always prioritizes compliance and works with regulators to develop better regulations to manage the global cryptocurrency market.
In May of this year, Gemini, which was approved by the New York Financial Services Department, integrated Zcash coin to work extensively with local regulators to understand the anonymity of cryptocurrencies and their use in the wider financial markets.
Because the exchange is the most regulated digital asset exchange on the global marketplace, the exchange has a milestone in integrating Zcash. Zcash ICO demonstrates the possibility of working with regulators to integrate anonymous cryptocurrencies, which were previously considered a money laundering tool for criminals.
“As a New York trust company, Gemini is arguably the world’s most regulated digital asset trading and hosting service. It is subject to strict regulatory oversight by the New York State Department of Financial Services (NYDFS), complying with the highest level of fiduciary duties and Bank compliance standards and must comply with all anti-money laundering (AML) laws, understand customer (KYC) requirements, and consumer protection provisions under the Bank Secrecy Act (BSA), New York Banking Law.” Zcash CEO Zooko Wilcox writes Road.
According to reports, the entry of Gemini into the UK market is beneficial to the cryptocurrency market in Europe, as the exchange’s infrastructure is well managed and robust. Currently, in addition to Coinbase, there are no other cryptocurrency exchanges where cryptocurrency and sterling (French) transactions can be made in the UK.
Gemini, Coinbase, Bithumb competition
It is understood that in March this year, San Francisco-based cryptocurrency giant Coinbase obtained an electronic currency license issued by the FCA, authorizing it to provide payment and e-money services to customers in the UK and 23 other EU countries. Coinbase UK customers can currently trade GBP for BTC, ETH, BCH, LTC, etc.
According to CoinMarketCap, Gemini is currently one of the world’s largest cryptocurrency exchanges with a 24-hour trading volume of approximately $12 million and a 30-day transaction volume of nearly $750 million.
Gemini must also apply for an electronic currency license from FCA in the coming weeks. Considering that the company’s strict KYC and anti-money laundering (AML) systems are among the most rigorous cryptocurrency markets in the world, Gemini is not expected to encounter difficulties in applying for FCA electronic money licenses.
According to reports, Bithumb, Korea’s largest cryptocurrency exchange, is preparing to launch Bithumb UK by the end of 2018. By next year, Gemini, Coinbase and Bitmumb may compete in the UK market to gain a dominant position in the local trading market.
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